The 2023 market trends show home sale prices, home inventory, and market timing for Condo, Single, and Multi-Family homes sold in Cambridge MA. The market statistics below reflect changes that have occurred from 2022 to 2023 with notable historical data to provide a broader perspective. The predominant residential property types in Cambridge, Massachusetts are Condominium, Single Family, and Multi-Family homes.
Cambridge MA Market 2023
Average Sale Prices
Comparison of the average home sale prices for residential Condominium, Single, and Multi-Family homes sold in the Cambridge MA market in 2022 and 2023:
| Cambridge MA | Average Sale Price 2022 | Average Sale Price 2023 | 1 Year Change |
| Condo | $1,112,433 | $1,116,303 | < 1 % Increase |
| Single | $2,441,989 | $2,646,388 | 8 % increase |
| Multi-Family | $2,166,418 | $2,104,326 | 3 % Decrease |
Home Sale Price Trends
- With an increase of less than 1% in the average sale price for Condominiums in 2023, the increase since 2019 is now 19%.
- For Single Family homes sold in Cambridge MA in 2023 the average sale price increased 8% from last year and 29% since 2019.
- The average home sale price decreased 3% for Multi-Family homes in 2023. Over the past 5 years the average sale price has now decreased .5 %.
Cambridge MA Market 2023: Home Inventory
Comparison of home inventory for residential Condominium, Single, and Multi-Family homes listed for sale in the Cambridge MA market in 2022 and 2023:
| Cambridge MA | # Homes Listed 2022 | # Homes Listed 2023 | 1 Year Change |
| Condo | 803 | 735 | 9 % Decrease |
| Single | 199 | 173 | 13 % Decrease |
| Multi-Family | 133 | 98 | 26 % Decrease |
Home Inventory Trends
- The number of Condominiums listed decreased 9% in 2023. The Cambridge MA market has seen a continued decline of Condo inventory since 2012. Prior to 2012 it was not unusual for there to be over 1,000 Condo listings annually.
- 13% fewer Single Family homes were listed in the Cambridge MA market in 2023. By comparison, the lowest number of Single Family listings since 1999 occurred in 2017 with 122 listings.
- In 2023 Multi-Family homes listed for sale decreased 26% to 98 listings. This is the second lowest number of Multi-Family listings in Cambridge since 2009 (89 listings).
Cambridge MA Market 2023: Days to Offer
Comparison of Days to Offer for residential Condominium, Single Family, and Multi-Family homes sold in the Cambridge MA market in 2022 and 2023:
| Cambridge MA | # Days to Offer 2022 | # Days to Offer 2023 | 1 Year Change |
| Condo | 21 Days | 28 Days | 7 Days Longer |
| Single | 19 Days | 27 Days | 8 Days Longer |
| Multi-Family | 44 Days | 34 Days | 10 Days Shorter |
Market Timing Trends
- For Condominium listings in the Cambridge MA market 2023 the average number of days to offer increased from 21 to 28 days. The shortest average by comparison was 15 to 16 days and the longest occurred in 2006 with 79 days.
- Single Family homes in the Cambridge MA market received offers in 27 days, one week longer than last year. In fact, we have not seen that long of a time frame for offers since 2013. By contrast, the longest average time frame for Single Family was 81 days in 2006.
- The average of 34 days to offer for Multi-Family homes in 2023 is 10 days faster than last year. The shortest time frame was 17 days and the longest occurred in 2000 with an average of 87 days to offer.
Market Timing Terminology
The term “Days to Offer” refers to the number of days from the original listing date until the date upon which a seller accepts a buyer’s offer to purchase. This represents the most accurate measurement of market speed because it shows the buyer’s true sense of urgency.
“Days on Market” is a term used to measure the number of days from original listing date to the date a property status is changed in MLS to “under agreement”. This status code is highly subjective and used inconsistently; therefore, “days to offer” is the most reliable measurement for market speed.
Market Perspective: Cambridge MA
There is no doubt the spike to mortgage interest rates in 2023 impacted our local real estate markets. Most notably, a decrease of listing inventory also resulted in the rise of home sale prices in some cases. When you are ready to sell your home or buy a new home in the Cambridge MA market; keep in mind these market statistics are purely a basic overview and starting point to show recent home sales activity.
I have been tracking these and other pertinent market statistics showing the trends since 1999. By doing so, I can provide the long term perspective to help Clients make educated decisions with confidence and peace of mind. Before selling or buying a home, learn about external forces which can and will impact home sale prices.
Every market is unique; not all markets experience the same impact on home sale prices at the same degree or rate of speed. My Clients receive in-depth market statistics which correlate directly to your specific property type, size, location, and characteristics.
To learn more about my Listing Agent and Buyer Agent services; contact me to schedule a Home Seller Consultation or Home Buyer Consultation.
Data Source: MLS Pinergy® as of 2-26-2024
©2024 Intellectual property of Tamela Roche, all rights reserved
Real estate market statistics I watch closely include average home prices in Cambridge, Arlington, Belmont, Medford, and Somerville, MA. To learn more about my services contact me today!
About Tamela Roche, Realtor® – RE/MAX Destiny
